A study conducted by Get Living, a real estate developer in the United Kingdom, has recently revealed that 21 percent of the country’s millennials would rather invest in bitcoin, the flagship cryptocurrency, rather than in real estate.
To get to its results, Get Living surveyed 3,065 21 to 35-year-olds in the UK between March and April this year, and found that millennials believe bitcoin may be a better investment than real estate because of its potential to appreciate.
Get Living’s report reads:
For Millennials the soaring performance of Bitcoin – followed by an almost equally profound correction – holds more intrigue than the prospect of steady growth in house prices.
Notably, male millennials are seemingly more interested in the cryptocurrency than their female counterparts, as 27 percent chose bitcoin over real estate, despite its volatility and recent bearish trend that saw it plunge from nearly $20,000 to about $5,880 at press time.
The results can’t be attributed to the flagship cryptocurrency’s fundamentals, however, as 57 percent of respondents revealed they see real estate investments as “high risk.” Per Get Living’s survey, millennials who bought homes are advising other to keep renting, as they claim their costs increased after becoming homeowners.
Neil Young, the real estate development firm’s chief executive officer, stated:
What we’ve found in this report is that ‘generation rent’ are cautious when it comes to property investment, are optimistic for the future and value the flexibility that renting offers. These shifts can’t be ignored.
As CryptoGlobe covered, a survey conducted by consultant Capgemini’s World Wealth Report 2018, showed that wealthy millennials are very interested in cryptocurrencies, as 25 percent of high net worth individuals (HNWI) “place importance” on getting information about cryptocurrencies. The study found that 60 percent of HNWIs in Latin America showed high interest levels in crypto investments.